Shell is accelerating its transition to a net-zero emissions energy products and services provider, whilst it has confirmed its expectation that total carbon emissions for the company peaked in 2018, and oil production peaked in 2019.

“Our accelerated strategy will drive down carbon emissions and will deliver value for our shareholders, our customers and wider society,” said Royal Dutch Shell CEO, Ben van Beurden.

Shell is integrating its strategy, portfolio, environmental and social ambitions under the banner of Powering Progress and will deliver on these goals through the three business pillars of growth, transition and upstream. In the near term, Shell’s strategy will rebalance its portfolio, investing annually $5-6bn in its growth pillar (around $3bn in marketing; $2-3bn in renewables and energy solutions), $8-9bn in its transition pillar (around $4bn integrated gas; $4-5bn chemicals and products) and around $8bn in upstream.

Shell also set out details of how it will achieve its target to be a net-zero emissions energy business by 2050, covering emissions from operations and the emissions from the use of all the energy products at end use.

The company will continue with short-term targets that will drive down carbon emissions linked to the remuneration of more than 16,500 staff. This includes a new set of targets to reduce net carbon intensity: 6-8 per cent by 2023, 20 per cent by 2030, 45 per cent by 2035 and 100 per cent by 2050, using a baseline of 2016.

Shell’s strategy of being a trader and supplier of renewable energy is manifest in its aim to sell 560TWh a year by 203, double the current level, as it seeks to be seen as a “clean power-as-a-service”.

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